Spanish economy minister predicts more recession in 2-H of Y 2012. Spain's Minister of Economy and Competitiveness Luis de Guindos said on Sunday that he expected the recession to continue in Spain throughout 2-H of Y 2012.

On Thursday 5th July 2012 the European Central Bank will conclude its latest meeting and will announce its policy decision at 1245 BST/ 0745ET. At 1330 BST/ 0830 ET Mario Draghi, the President of the ECB, will hold a press conference explaining the Bank's decision.

Wrapping up some fairly important Canadian data this week, CPI numbers were released earlier this morning and showed that inflationary pressures are easing somewhat, continuing to stay of the south side of the Bank of Canada's target.

Few large financial institutions managed to escape unscathed as Moody's repositioned the ratings of 15 banks and securities firms with global capital markets operations after the closing bell on Thursday.

Philadelphia's June Business Outlook Survey shows weaker conditions this month. The Philly Fed Manufacturing Index fell from -5.8 to -16.6, the lowest since Sept. 2011. The survey's indicators for general activity, new orders, shipments, and average work hours were all negative this month, suggesting overall declines in business. Sources: Philadephia Federal Reserve (6/21)

Monti now says Italy may use EU rescue funds to solve debt problem. Italian Prime Minister Mario Monti said Italy may use EU rescue funds to settle their state debts, Ansa news agency said Wednesday. We are reflecting on how to reinforce the stability of the eurozone via mechanisms that make it possible to reward virtue so that countries respecting the financial rules, like Italy, can have this recognized in terms of less abnormal spread levels, Mr. Monti said at the end of the G-20 Summ...

The Federal Reserve stopped short of giving the market what it wanted during its June meeting. Rather than give into the baying the market the Fed stood firm and practiced a market-version of the Gina Ford method. Rather than indulge asset markets, it has left them to cope with the Eurozone debt crisis on their own.

Europe's snowballing debt crisis threatens to send the global economy into recession. Factory production shrank 0.4 percent last month, the Federal Reserve said on Friday. Total industrial output, covering factories, mines and utilities, declined 0.1 percent. U.S. manufacturing output contracted in May for the second time in three months and a gauge of factory activity in New York state plunged this month, worrisome signs the American economy is cooling.

Moderate seasonal demand will drive down prices in all used-vehicle segments over the coming months, says Jonathan Banks, senior analyst with the National Automobile Dealers Association (NADA) Used Car Guide.

The Swiss National Bank interest rate decision is in focus in European hours. Policymakers are certainly not ignorant of the tremendous pressure that could face their EURCHF floor at 1.20 in the event of an adverse Greek vote over the weekend. With that in mind, the bank faces a difficult decision: preempt a pickup in selling pressure by raising the EURCHF floor, putting prices at a higher level heading into the weekend, or wait to see what happens and react accordingly after the election passes...

Among the government secrets leaked to the media in recent months were reports on US cyber warfare against Iran, procedures for targeting militants for drone attacks and the existence of a double agent who penetrated a militant group in Yemen. Republicans have also criticized the administration for disclosing details of the Navy SEAL team that killed al Qaeda leader Osama bin Laden in a raid on his Pakistan hideout last year.